Exchanges show little fear of TT levy demands

Three of the big four derivatives exchanges have stated that
they are not in violation of the software patents registered by
ISV Trading Technologies (TT), with at least one rejecting the
ISV's claim for a 2.5 cent levy on trading fees (see FO
Week Vol 9 No 50) as a result.

Speaking at a seminar on the cost of trading at FOW's
conference in Frankfurt, Chicago Mercantile Exchange (CME)'s
managing director for Europe and Asia, Arman Falsafi, said that
she did not believe that TT's patent issue should involve the
exchanges. "The exchanges are not infringing on TT patents,"
she said. "The matter of TT's patents is between them and their
customers; it is not our place to be sitting in the
middle."